iA Global Asset Management Inc. Sells 254,852 Shares of Starbucks Co. (NASDAQ:SBUX)

iA Global Asset Management Inc. reduced its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 67.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,337 shares of the coffee company’s stock after selling 254,852 shares during the quarter. iA Global Asset Management Inc.’s holdings in Starbucks were worth $12,024,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SBUX. Dakota Wealth Management boosted its holdings in shares of Starbucks by 0.5% in the third quarter. Dakota Wealth Management now owns 55,793 shares of the coffee company’s stock worth $5,439,000 after acquiring an additional 300 shares during the period. Weil Company Inc. boosted its stake in Starbucks by 31.2% in the 3rd quarter. Weil Company Inc. now owns 34,580 shares of the coffee company’s stock worth $3,371,000 after purchasing an additional 8,222 shares during the period. Maia Wealth LLC grew its holdings in Starbucks by 69.1% during the 3rd quarter. Maia Wealth LLC now owns 18,582 shares of the coffee company’s stock valued at $1,805,000 after buying an additional 7,596 shares in the last quarter. Aljian Capital Management LLC increased its position in shares of Starbucks by 48.5% during the third quarter. Aljian Capital Management LLC now owns 30,422 shares of the coffee company’s stock valued at $2,966,000 after buying an additional 9,936 shares during the period. Finally, Investment Management Corp of Ontario lifted its holdings in shares of Starbucks by 48.6% in the third quarter. Investment Management Corp of Ontario now owns 37,584 shares of the coffee company’s stock worth $3,664,000 after buying an additional 12,300 shares in the last quarter. 72.29% of the stock is owned by institutional investors.

Insider Buying and Selling at Starbucks

In other Starbucks news, CFO Rachel Ruggeri sold 1,491 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total value of $148,414.14. Following the completion of the transaction, the chief financial officer now owns 80,124 shares in the company, valued at approximately $7,975,542.96. This represents a 1.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.98% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on SBUX shares. TD Cowen reaffirmed a “buy” rating and set a $110.00 price objective on shares of Starbucks in a research note on Monday, November 11th. Bank of America lowered their price objective on Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. BTIG Research raised their price target on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. Finally, Wedbush lowered their target price on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Starbucks has an average rating of “Moderate Buy” and an average target price of $103.77.

Starbucks Price Performance

SBUX opened at $100.11 on Friday. Starbucks Co. has a one year low of $71.55 and a one year high of $103.32. The business has a 50 day simple moving average of $98.03 and a two-hundred day simple moving average of $88.61. The firm has a market capitalization of $113.50 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 2.95 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The business had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter in the previous year, the business posted $1.06 earnings per share. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, sell-side analysts expect that Starbucks Co. will post 3.11 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.61 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.44%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is currently 73.72%.

About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.